Question

The opportunity cost of a hot dog in terms of hamburgers is

Answer 1

Explanation:

The opportunity cost of a hot dog in terms of hamburgers is the ratio of the slope of the demand curve for hot dogs to the slope of the demand curve for hamburgers.

Answer 2

The opportunity cost of a hot dog in terms of hamburgers is the ratio of the slope of the demand curve for hot dogs to the slope of the demand curve for hamburgers.

• Opportunity cost simply means that if you chose one activity you are giving up the opportunity to do a different option.
• Opportunity cost is simply calculated as the ratio of quantity gained and quantity sacrificed.
• Here, there are two goods, hot dogs and hamburgers. The opportunity cost can then be calculated as the number of hot dogs gained or the number of hamburgers sacrificed.
• Hence, the answer to this question will be, The opportunity cost of a hot dog in terms of hamburgers is the ratio of the slope of the demand curve for hot dogs to the slope of the demand curve for hamburgers.

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